Insolvency practitioners overseeing The Body Shop’s affairs are contemplating a Company Voluntary Arrangement (CVA) as part of a strategic move to save one of Britain’s well-loved high street brands. FRP Advisory, the appointed administrators, have disclosed plans for a potential CVA, which would entail engaging in discussions with landlords to secure rent reductions and address […]
The retail landscape is experiencing significant turbulence as a sharp 19% increase in insolvencies underscores the mounting challenges faced by businesses amidst higher interest rates, elevated costs, and restrained consumer spending. According to Mazars, a leading audit, tax, and advisory firm, a total of 2,195 retailers collapsed in the year ending January, representing a notable […]
The UK economy appears to have turned a corner, showing signs of recovery and gaining momentum, as highlighted by two influential surveys revealing a “turning point” in growth. Research conducted by BDO, a consultancy firm, indicates that output surged to its highest level since May 2022 last month, accompanied by a decline in inflation to […]
Lunaz, the electric vehicle company backed by David Beckham, has undergone substantial job losses after entering administration, marking a significant setback for the Silverstone-based enterprise. Administrators from FRP were recently appointed to oversee the operations of Lunaz Group, which included Lunaz and App Tech Productions, specializing in the electrification and upcycling of classic cars and […]
Google is reportedly exploring the possibility of charging users for access to “premium” internet search results driven by artificial intelligence (AI), a recent report reveals. According to sources, the tech behemoth is evaluating various strategies for leveraging AI technology, including integrating advanced search functionalities into its premium subscription offerings. Under the proposed plans, Google’s primary […]
A London restaurant chain has stirred debate by banning customers from tipping via card and introducing a “brand” fee instead, only three months prior to the enforcement of legislation mandating the allocation of all tips to staff. Ping Pong, which runs five dim sum establishments in the capital, announced that the new optional 15% charge […]
British billionaire Joe Lewis, the former owner of Tottenham Hotspur, has avoided a prison sentence in the United States for insider trading. At 87 years old, Lewis was sentenced to three years’ probation and fined $5 million in a federal court in Manhattan. This decision comes after Lewis pleaded guilty in January, facing a potential […]
The housing market sprang into action over the Easter period, with more homes put up for sale on Thursday last week than on any other day this year, according to Rightmove, the property search website. March 28 marked the third-busiest day for new listings since the summer of 2020, surpassed only by Boxing Day in […]
Retailers in the UK are facing the longest dip in sales since the Covid-19 pandemic, with high street sales and footfall dampened by wet weather and shaky consumer confidence, according to a recent survey by BDO, a consultancy. The survey revealed that total in-store and online sales fell by 2.2 per cent in March, marking […]
The UK government has unveiled the import charges for EU food products post-Brexit, revealing potential implications for food prices and supply chains. Small imports of items such as fish, salami, sausage, cheese, and yoghurt will incur fees of up to £145 starting from April 30, according to the Department for Environment, Food and Rural Affairs […]